SECP removes Hussain Lawai as Chairman PSX
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ISLMABAD – Securities and Exchange Commission of Pakistan (SECP) on Tuesday removed Hussain Lawai from his post as Pakistan Stock Exchange (PSX) chairman.
Following the orders of the Supreme Court (SC), the SECP has directed the Pakistan Stock Exchange to remove Hussain Lawai from the chairmanship of the Exchange and appoint a new chairman of the Board.
SECP Commissioner Zafar Abdullah wrote a letter to Richard Moren asking him to remove Lawai from his post in keeping in view the public interest.
SECP, the regulator of the capital market in a notification signed by the Commissioner Zafar Abdullah said it has come to the knowledge of the SECP that a First Information Report (FIR) date July 6, 2018 has been registered by the Federal Investigation Agency under Pakistan Penal Code read with Prevention of Corrpution Act, 1947 and the Anti-Money Laundering Act 2010.
The FIR among other individuals also nominates Lawai as one of the accused and Lawai has been arrested by FIA for further investigation.
The Commission after considering the circumstances as stated above with respect to Lawai, in the interest of general public and the capital markets, in exercise of its power conferred under Section 12 read with Section 170 of the Securities Act, 2015, hereby directs PSX, through its Chief Executive Officer, to immediately remove Lawai as Chairman of the board of directors of PSX under intimation to the Commission and appoint a new Chairman of the Board, while ensuring compliance with the regulatory requirements.
On Sunday, Supreme Court had barred the former president and his sister from travelling abroad in the wake of the recent revelations in a fake bank accounts case.
